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Elmhurst, Queens, NY
8% - 8.25%
Offering Amount: $4,000,000 U.S. Dollars
Estimated Return: 8.00% - 8.25% Annualized Return*1
Investment Type: Equity Pledge Loan
Unit Price: $10,000 per Subscription Unit
Offering Date: March 2021
Investment Horizon: 12 - 18 Months(6+3+3+6 Months)
Dividend Schedule: Prepaid before per Period
Special offer: 3%Condominium Purchase Discount*2
*1 8% Annualized Return For Investment of 1-19 Units;8.25% Annualized Return for investment above 20 Units.
*2 3% Condominium Purchase Discount applied to Investor subscripting more than 25 units.
Address: 86-55 Queens Blvd, Elmhurst, NY, 11373
Area: Elmhurst, Queens, NY
Lot Size: 21,552 Square Ft.(70.81*205.5 FT)
Zoning: R6, C4-2(FAR is 4.8 times)
Building Size: 7,686 Square Ft.(The rest of the building size has been transferred to the Phase I project)
Closing Price of Land: $14,250,000(2018)
Market Value after Operation: $31,800,000(Appraisal from CBRE in Sep,2020)
The developer has purchased the property in 2018 at a price of $14,250,000 and demolished the existing restaurant. The proposed architectural plan was approved by DOB and partial building area has transferred to phase I development (CrowdFunz Fund 806). Affected by the pandemics, the construction just resumed lately.
The proposal development is 4-floor building with a total of 37,686 square feet community facility and parking garage The project is expected to be finished in 2023 . After completion, the ground floor will be a parking garage, first floor will be community facility and parking garage with 8,561 square ft, the second floor will be a parking garage, third floor will be community facility with 14,290 square feet, and fourth floor will be community facilities with 14,834 square feet.